The Baltic Exchange's main sea freight index fell on Monday, pressured by lower rates for Capesize and Panamax vessels.
The main index fell 13 points, or 0.6 per cent, to 2,038 points. The index snapped a three-session winning streak.
The Capesize index was down 25 points, or 0.8 per cent, at 3,317, snapping a three-day winning run. Average daily earnings for Capesize vessels fell $210 to $27,506.
Iron ore futures rose, supported by strong restocking demand from steel mills in China amid healthy profit margins and low inventories, although expectations of production cuts in northern China capped the gains.
Among smaller vessels, the supramax index added five points, or 0.4 per cent, to 1,325. The index registered its seventh straight session of gains.
The Panamax index fell to a one-month low and was down 21 points, or 1.3 per cent, at 1,614. The index fell to its lowest level since July 8. Average daily earnings for Panamax vessels fell $183 to $14,529.
Elsewhere, a liquefied natural gas (LNG) tanker targeted by US sanctions has berthed at Russia's Arctic LNG 2 plant, the fourth such vessel to do so this year, shiptracking data from Kpler and LSEG showed.
(Reporting by Noel John in Bengaluru; Editing by Sahal Muhammed)